> Is going to the art college a bad idea financially?

Probably. What are your realisitic job prospects? How much might you earn if you get an entry-level job in the film industry, and would that be enough to pay your bills in a high cost of living area like LA or NYC? Do you know anyone who recently earned a film degree who can talk to you about what the job market is really like?

If you were my friend, I would encourage you to take a step back and think about what it will actually take to succeed in the film industry, and whether it makes more sense to pick a career path that isn't such a long-shot. Will you be happy in five years if you were never able to get a job in film and are instead working in a job that doesn't require a degree? Or will you feel like the film degree was a big mistake?

If there's some other occupation you are interested in, something more viable, I would pursue a degree related to that occupation instead.

> Could I potentially end up homeless?

Yes, if your parents can't financially support you after you graduate from college and you aren't sure you'll be able to line up a job that pays a living wage. You definitely won't be able to relocate to another city and secure housing without substantial cash savings.